Embassy Office Parks REIT India’s first listed REIT and the largest in Asia by area, has released its Annual Report for the full year ended March 31, 2020. The report covers the performance of Embassy REIT since its listing on BSE and NSE on April 1, 2019 and showcases the resilience of the underlying business, despite the COVID-19 pandemic.
Jitu Virwani, Chairman of Embassy REIT, said, “I am very pleased to present to you Embassy REIT’s first year annual report. Our full year results delivered on the expectations we set when the REIT listed in April 2019. Embassy REIT delivered c.2.4 msf of new leasing, distributed Rs.18.8 billion (c.$250 million) and returned c.25% in total returns to Unitholders. This performance is a testament to the quality of the REIT structure and world-class properties in Embassy REIT, a dedicated and exceptional management team, and the strategic vision and partnership between two sponsors who believe in the potential and resiliency of commercial real estate here in India.”
Mike Holland, Chief Executive Officer, said, “Embassy REIT’s business parks and office spaces represent the ideal workplace for the talented Indian workforce. Our institutional grade properties with safe and secure community spaces cater to the best in class technology and other global occupiers by providing the necessary physical and digital infrastructure and collaborative working environment. As we navigate this pandemic, we believe that demand will continue towards to higher quality, lower density workspaces like those of our parks in the medium term. This aligns well with our overall product offering and strategy of providing occupiers and their employees with a total business ecosystem.”
The board of directors of the Manager to the Embassy REIT has approved the Embassy REIT Annual Report FY2020, subject to adoption by the unitholders of the Embassy REIT at an annual meeting.
Embassy REIT’s Annual Report FY2020 is available on the REIT’s website ir.embassyofficeparks.com.
This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capacity as the Manager of the Embassy Office Parks REIT (“Embassy REIT”), and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own assessment of the market and the market position of Embassy REIT.
This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, including the impact of COVID-19 on us, our occupiers and the Indian and global economies, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID19. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.
Investors should also take note that Embassy REIT was listed on April 1, 2019 and the Embassy REIT assets were acquired between March 22, 2019 to March 25, 2019. Accordingly, the comparative quarterly and financial year financial information has been prepared by comparing unaudited combined financial statements for the quarter ended March 31 2019 and audited combined financial statements for the financial year ended March 31, 2019 (assuming that the Embassy REIT held the REIT assets in its present form as of April 1, 2018) as against audited condensed consolidated financial statements for the quarter and financial year ended March 31, 2020.